Broker Fox-Davies Capital has increased the target prices, as a result of increased metal prices, and has reiterated its recommendations for Minera IRL (AIM: MIRL), Highland Gold (AIM: HGM), Hambledon Mining (AIM: HMB) and Lydian Resources (TSX-V: LYD).
Fox-Davies said that Highland Gold’s Novoshirokinskoye mine in Russia, which is essentially a lead-zinc mine, adds additional up-side compared to the other gold companies it covers. The broker has increased its price target for Highland Gold to £1.19 per share from £1.03.
The broker has increased its price target for South American operating Minera IRL from £0.90 to £1.06 per share, retaining its 'buy' stance on the precious metal miner which recently completed the acquisition of Hidefield Gold PLC (AIM: HIF). Fox-Davies maintained its guidance for Hambledon Mining as a 'hold, whilst increasing its price target from £0.13 per share to £0.16.
For Toronto Ventures listed Lydian Resources, Fox-Davies is targeting C$1.76 per share, increased from C$1.39 per share. Additionally the London based stockbroker said its current valuation is based on the junior’s 1 million ounce gold resource, which they believe has been expanded significantly by on-going exploration work programme. Lydian’s main project is the Amulsar gold discovery in Armenia and an advanced zinc, lead, silver and gold project at Drazhnje in Kosovo. Lydian remains a 'buy'.
FD Capital ups target price for Minera IRL, Highland Gold, Hambledon Mining and Lydian Resources
Last updated: 14:41 18 Jan 2010 EST, First published: 15:41 18 Jan 2010 EST